South Korean giant LG Electronics might be close to shutting down its smartphone business. Reports had mentioned that the company was in talks with Vingroup of Vietnam and Volkswagen AG of Germany to sell its smartphone division. But it has been said that the negotiations have not led to any conclusion. Some of the latest reports have claimed that the company has also dropped plans to launch new smartphones that were called as LG Rainbow and LG rollable phone.
However, this is not the first time the company has taken back its plans to launch new smartphones. It was only a few weeks back it was reported that the upcoming V60 processor also known as the Rainbow has been put on hold indefinitely. Moreover, what happens to the rollable phone is also not decided. It has also been reported that LG will be sharing details about the losses that it is facing in the smartphone division with its employees by next month.
It has also been reported that the company is planning to shift its workforce to other of its business divisions like the household appliances and automobile parts. All the above details are not confirmed by the company and is yet to be made official. The only thing that is known is that LG is struggling with its smartphone business and is making efforts to sell it.
LG has surely struggled with its smartphone business with failed attempts of smartphone launches in recent times. It has indeed been ambitious but its efforts were not paid off for the smartphone businesses. The pandemic has left all the smartphone businesses suffering due to constant lockdowns and shut down of businesses. Even individuals have suffered financial losses and the average purchasing power of the individuals also went down remarkably. LG is not the only one to suffer the pandemic air but a number of other smartphone manufacturers have also faced the heat.
Photo Credits: Mashable
